A 55,125-square-foot office building in Redmond's Bel-Red corridor just sold for about $20.8 million, landing at nearly twice its most recent tax assessment. Public filings list Bellevue-based Karkinos Capital LLC as the buyer and NIU Medical Building LLC as the seller, with the transfer dated last Monday and the deed recorded that Thursday. For local real-estate watchers, it is a rare, high-price single-building trade in the Overlake/Bel-Red stretch of Redmond.
Sale records show buyer and price
King County documents attached to a regional commercial listing put the sale price at roughly $20.8 million. According to Daily Journal of Commerce, the deed names Karkinos Capital LLC of Bellevue as the buyer and NIU Medical Building LLC as the seller, with the transaction dated last Monday and recorded on Thursday. DJC reports that those figures come straight from county recording data.
Assessed value and property details
Public tax records value the property at about $11.77 million, which means the sale price landed at nearly double what appears on the assessment roll. Commercial listings identify the asset as the Overlake Office Building, with 55,125 gross square feet. The tax numbers appear in the public record summary on Compass, while the building's square footage is listed on LoopNet.
Seller tied to local investors
The seller, NIU Medical Building LLC, is linked to investors Jialin Niu and Troy McBride, according to reporting by Puget Sound Business Journal. PSBJ has previously highlighted the Niu family's local property portfolio and related legal headlines, context that helps explain why this particular sale price drew extra attention among people who track Eastside holdings.
Bel-Red market context
Across the Bel-Red and Overlake corridor, ongoing redevelopment and transit investments have been pushing up values for well-located office buildings that can be repositioned for medical, tech, or mixed-use tenants. A federal case study, along with local planning work, characterizes the Bel-Red subarea as a long-term effort to convert light-industrial land into transit-oriented, mixed-use neighborhoods. That planning history helps explain why centrally located properties near Overlake's transit and job hubs can command premium prices, and it provides a backdrop that makes this high sale figure plausible within the broader market narrative.
What’s next
The public sale documents do not spell out any immediate redevelopment plans or related permit filings, so the buyer's strategy remains an open question. For now, the clearest clues will come from county permit records and future commercial listings, which should reveal whether Karkinos Capital moves to renovate, re-lease, or simply hold the Overlake Office Building as an income-producing asset.
